- Seek the support of your trusted friends and connections to shift to another location to forget your unpleasant memories, and to start a fresh life.
- Don’t reveal to others that you were bankrupt. Be a normal person.
- Surround with positive people who bring you happiness and keep you energized constantly.
- Control your expenses. Cut the cloth as per the cloth. Learn to live in present.
- Explore opportunities based on your past experience. Leverage it fully.
- Get back on your feet to earn money to support you and your family.
- If you have educational qualifications, you may consider going for employment to generate regular income. Once you stabilize, you can consider restarting your entrepreneurial journey.
- Engage your mind totally on what to do, and on your immediate financial goals instead of brooding over your unpleasant past.
- Write a failure resume wherein you list out the reasons for your failure. It helps you reflect and take stock of your strengths and weaknesses afresh. Additionally, you can avoid repeating your mistakes and become a better person.
Wednesday, 25 March 2015
“A Blueprint to Bounce Back from Bankruptcy” – Professor M.S.Rao
“How did you go bankrupt?" Two ways. Gradually, then suddenly.” ― Ernest Hemingway, The Sun Also Rises
Presently we hear people committing suicides due to failed marriages, bankruptcies and love failures in India. They are unable to cope up with setbacks and failures in their lives. They fail to understand that life is full of peaks and valleys, and ups and downs. Everyone must be aware that committing suicide is a sin. In fact, suicide is an act of cowards. There is always another opportunity for failed people. If there is a sunset today, there will be a sunrise tomorrow. Every dark cloud has a silver lining. In this article, I will address how to bounce back from bankruptcy.
A Blueprint to Bounce Back from Bankruptcy
Here are the steps to get back on your feet after you hit bankruptcy:
Bankruptcy – A Social Stigma in India
“Look, half the men who signed the Declaration of Independence were either in debt or bankrupt. The remaining half, most of them lost all their possessions. The only reason Monticello didn't get burned to the ground was that the British patrol missed the road.” ― Eric Massa
When you look at leaders like Abraham Lincoln, Ulysses S. Grant, Thomas Jefferson, Henry Ford, and Walt Disney to name a few, they all became bankrupt. They bounced back from their bankruptcy successfully. However, there is a social stigma associated with bankruptcy in India. Hence, people don’t file bankruptcy and prefer to go for out-of-court settlement in India. It saves time for both creditors and debtors. It is good for creditors as they can concentrate on other productive activities instead of hounding debtors. It is good for debtors as it provides an opportunity to start their life on a clean slate. It helps rebuild their positions quickly.
Improve your attitude to perform better and evolve as a humble person. Bankruptcy is an opportunity in disguise to learn lessons from life and reinvent yourself. Instead of brooding over what went wrong repeatedly, it is advisable to think of ‘what next’ in your life. Ralph W. Sockman rightly remarked, “Let us not bankrupt our todays by paying interest on the regrets of yesterday and by borrowing in advance the troubles of tomorrow.” Life is worth living if it has challenges. Treat your bankruptcy as a challenge and move on without any social stigma. Remember, everyone fails in life. When people stumble, they become humble. Life teaches lots of lessons which cannot be learned from books and others. To fail is not bad, but not to learn lessons from failures is bad. Hence, look at the door that is opened. Keep moving forward with optimism. . There is another great day waiting for you. Life is great!
“A thousand restaurants close every month. They re-open, and that's good for America. Nobody's rescuing them. They employ people, too. If we let them go bankrupt, the factories don't go away, the creative people don't go away. They get employed more productively by others.” ― John Stossel
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Life is great!
Professor M.S.Rao, India
Founder of MSR Leadership Consultants India
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